balanus Mountain Top Hardware Practice Set R4V1 © Copyright 2020 Dr. Kirk Lynch Adjusting entries: The standard financial period for Mountain Top is one month so financial statements and the closing process are executed at the end of each month. Once the 50 transactions (book 3) have been record and posted to the appropriate general ledger accounts, prepare an unadjusted trial balance. Once the Unadjusted Trial Balance is correct (you instructor can verify), use the following adjustment data to prepare the adjusting entries: 1. Physical count end of month shows merchandise inventory balance should be 2. Office supplies on hand end of month 3. Store supplies on hand end of month 4. Insurance expired during month 5. Depreciation store equipment for the month 6. Depreciation office equipment for the month 7. Interest earned on Note Receivable 8. Accrued Sales Salaries Accrued Office Salaries $31,000.86 500.00 1800.00 600.00 1000.00 500.00 40.00 950.00 650.00 9. Record estimated returns for June Sales a. Customer refunds (debit sales and credit Customer Refunds Payable) 1500.00 b. Returns inventory (debit Estimated Returns Inventory and credit cost of merchandise sold 750.00 Journalize these adjusting entries (above) in the general journal on page two of the general journal (the opposing page of this book). Post these journal entries to the general ledger accounts in book 2. Prepare an adjusted trial balance. Use this adjusted trial balance to prepare the financial statements. Treat this as a compound journal entry! 4 MOL balanus Mountain Top Hardware Practice Set R4V1 © Copyright 2020 Dr. Kirk Lynch Adjusting entries: The standard financial period for Mountain Top is one month so financial statements and the closing process are executed at the end of each month. Once the 50 transactions (book 3) have been record and posted to the appropriate general ledger accounts, prepare an unadjusted trial balance. Once the Unadjusted Trial Balance is correct (you instructor can verify), use the following adjustment data to prepare the adjusting entries: 1. Physical count end of month shows merchandise inventory balance should be 2. Office supplies on hand end of month 3. Store supplies on hand end of month 4. Insurance expired during month 5. Depreciation store equipment for the month 6. Depreciation office equipment for the month 7. Interest earned on Note Receivable 8. Accrued Sales Salaries Accrued Office Salaries $31,000.86 500.00 1800.00 600.00 1000.00 500.00 40.00 950.00 650.00 9. Record estimated returns for June Sales a. Customer refunds (debit sales and credit Customer Refunds Payable) 1500.00 b. Returns inventory (debit Estimated Returns Inventory and credit cost of merchandise sold 750.00 Journalize these adjusting entries (above) in the general journal on page two of the general journal (the opposing page of this book). Post these journal entries to the general ledger accounts in book 2. Prepare an adjusted trial balance. Use this adjusted trial balance to prepare the financial statements. Treat this as a compound journal entry! 4 MOL

balanus Mountain Top Hardware Practice Set R4V1 © Copyright 2020 Dr. Kirk Lynch Adjusting entries: The standard financial period for Mountain Top is one month so financial statements and the closing process are executed at the end of each month. Once the 50 transactions (book 3) have been record and posted to the appropriate general ledger accounts, prepare an unadjusted trial balance. Once the Unadjusted Trial Balance is correct (you instructor can verify), use the following adjustment data to prepare the adjusting entries: 1. Physical count end of month shows merchandise inventory balance should be 2. Office supplies on hand end of month 3. Store supplies on hand end of month 4. Insurance expired during month 5. Depreciation store equipment for the month 6. Depreciation office equipment for the month 7. Interest earned on Note Receivable 8. Accrued Sales Salaries Accrued Office Salaries $31,000.86 500.00 1800.00 600.00 1000.00 500.00 40.00 950.00 650.00 9. Record estimated returns for June Sales a. Customer refunds (debit sales and credit Customer Refunds Payable) 1500.00 b. Returns inventory (debit Estimated Returns Inventory and credit cost of merchandise sold 750.00 Journalize these adjusting entries (above) in the general journal on page two of the general journal (the opposing page of this book). Post these journal entries to the general ledger accounts in book 2. Prepare an adjusted trial balance. Use this adjusted trial balance to prepare the financial statements. Treat this as a compound journal entry! 4 MOL balanus Mountain Top Hardware Practice Set R4V1 © Copyright 2020 Dr. Kirk Lynch Adjusting entries: The standard financial period for Mountain Top is one month so financial statements and the closing process are executed at the end of each month. Once the 50 transactions (book 3) have been record and posted to the appropriate general ledger accounts, prepare an unadjusted trial balance. Once the Unadjusted Trial Balance is correct (you instructor can verify), use the following adjustment data to prepare the adjusting entries: 1. Physical count end of month shows merchandise inventory balance should be 2. Office supplies on hand end of month 3. Store supplies on hand end of month 4. Insurance expired during month 5. Depreciation store equipment for the month 6. Depreciation office equipment for the month 7. Interest earned on Note Receivable 8. Accrued Sales Salaries Accrued Office Salaries $31,000.86 500.00 1800.00 600.00 1000.00 500.00 40.00 950.00 650.00 9. Record estimated returns for June Sales a. Customer refunds (debit sales and credit Customer Refunds Payable) 1500.00 b. Returns inventory (debit Estimated Returns Inventory and credit cost of merchandise sold 750.00 Journalize these adjusting entries (above) in the general journal on page two of the general journal (the opposing page of this book). Post these journal entries to the general ledger accounts in book 2. Prepare an adjusted trial balance. Use this adjusted trial balance to prepare the financial statements. Treat this as a compound journal entry! 4 MOL

Century 21 Accounting Multicolumn Journal

11th Edition

ISBN:9781337679503

Author:Gilbertson

Publisher:Gilbertson

Chapter9: Accounting For Purchases And Cash Payments

Section9.1: Subsidiary Ledgers And Controlling Accounts

Problem 1WT

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